Due Date Change
The new due date can be pushed forward up to how many days?
14 days
On what type of contract early termination penalty is applied on?
Lease? Loan? Both?
Only on Lease accounts.
Which 3rd party letter can be signed by DTF?
Only Ritchie Bros Waiver can be signed by DTF.
What are the 2 ways of refunding an amount?
1. ACH refund.
2. Paper Check refund?
What is Year-End Interest Letter?
A Year End Interest Letter provides the amount of interest paid within the year.
A maximum of how many times a Due Date Change can be completed per contract?
A maximum of 2 due date changes can be completed per contract.
What is Conditional Payout form # for a loan account?
4071
What is the waiver letter form # in Frames?
4070
What is the timeline for a customer to receive a refund?
Please provide for both the methods.
Customer will receive the ACH refund within 1-2 business days once processed.
Customer will receive the paper check refund within 2 weeks once processed.
Is the Year-Interest Letter available for a lease account?
No, it's not available. It is available for loan accounts only.
Can you do a due date change on a brand new account with no monthly payment withdrawn yet?
No, you cannot. You have to wait for the 1st monthly payment to go through to proceed with the due date change.
What is the process of preparing a payout for a FMV account?
You refer the request to DTF Remarketing Manager.
Please provide the name of the document for the following:
1. Legal letter that confirms DTF’s secured interest (lien) does not extend to any other assets of the debtor other than those currently registered.
2. Legal letter that confirms DTF's has no interest in the asset.
1. Comfort Letter.
2. Waiver Letter.
What should you confirm before proceeding with a paper check refund?
The mailing address.
3-Way POA is valid in which province?
Quebec only
What is the due date change form # for loan and lease?
Loan is 4025
Lease is 4026
What is the difference between a regular payout and a conditional payout?
Conditional payout has an additional sentence stating that DTF will discharge our lien upon receipt of the payout amount by the specified date.
What is the process if you receive a Ritchie Bros letter to sign but the unit is live?
Advise Ritchie Bros that the unit is live and we require the customer authorization to provide you with a payout.
Provide 2 reasons DTF uses the paper check refund.
1. If a customer does not have a bank account on file.
2. For dealers.
What is a 3-way POA?
It is a type of plating letter that allows the customer to transfer plates between companies back and forth without repeatedly requesting authorization from DTF.
What are the 3 things to verify before proceeding with a due date change?
1. Verify if the account up to date.
2. Verify if the new the due date does not exceed the 14 days.
3. Verify the next monthly payment date.
When can an early termination penalty be waived?
Provide at least 2 reasons.
1. Customer wants to trade-in and is financing with DTF.
2. Termination reason is total loss.
3. Termination reason is Repossession.
What is the process?
What letter would you send?
The process is to obtain the customer authorization to provide the letter since the unit is live.
Once approval received, prepare the COMFORT letter and send it to the team leader for approval.
Then, send it to the 3rd party and cc the customer.
A duplicate monthly payment was withdrawn from the customer's bank account by mistake on April 13th.
Customer is requesting for a refund.
When will the customer receive the refund?
Since the ACH was withdrawn on April 13, we have to wait 14 days for the amount to clear and then we will proceed with the refund.
14 days will be cleared on April 27.
Hence, refund will be processed on April 27 and it takes 1-2 business days for the customer to receive the payment. Therefore, customer will receive the refund on April 29.
Name 4 things to fill in a waiver letter.
1. Name of the company requesting the waiver and their address.
2. Name of our customer.
3. VIN
4. Make/Model/Year.
5. Today's date